The winds of political change and the new US trade policy are imperiling the permanence of American exceptionalism. First, expanding tariffs will lead to countermeasures, decreasing global efficiency. Second, higher prices will lower demand for the US consumer, obviating the need to invest in US manufacturing. Third, the political objective of increasing US exports is incompatible with the first two objectives. Furthermore, tariffs cannot generate sufficient revenue.

Asset markets are inflating as the artificial intelligence (AI) frenzy steams forward. From the railway barons to the titans of tech, markets have plowed capital into land grabs when technology introduces new markets. While valuations are not as frothy as prior frenzies, the financial environment is different. Increasing tariffs tax consumption tax a slow growth. The balance sheet of the US is inflated. The result is an economy leveraged beyond its natural rate. This time is

To give equal treatment to the economic ideology divide, appease his inner Keynesian, and repel congressional Republicans, Trump has...

The equity markets have caught a bid while the bond market falls on fears of the return of inflation. Any why not? In the interest of...

All strategies are plans of action with strategic priorities; however, they must respond to unforeseen events as they develop. Donald...

A critical aspect of success in business is to identify your path forward and focus on execution. Trump and the Republicans focused on...

The Democratic party sits in tatters and blames forces beyond their control, however, their strategic failures were of their own making....